China’s giant Spacesail constellation seeks more funding
Spacesail, one of the largest of China’s planned constellations designed to compete with Starlink, is now seeking more funding to build its full constellation of 10,000 to 14,000 satellites.
Shanghai Spacecom Satellite Technology, or SpaceSail, a satellite communications company developing a massive constellation known as “Qianfan,” disclosed plans to bring in new investors through a capital increase, according to a notice published on the Shanghai United Assets and Equity Exchange.
At present, this Chinese pseudo-company has launched only 119 out of the constellation’s first phase of 648 satellites. While it has gotten Airbus to sign a contract to use its constellation on its airplanes, it also appears to be somewhat cash poor, having only about $150 million on hand (much of it government funding), and is not going to meet its international licensing requirement to get those 648 satellites in orbit by the end of this year.
This new funding round announcement suggests it is in need of capital, and is having trouble getting the Chinese government to cough up the additional funds.
Spacesail, one of the largest of China’s planned constellations designed to compete with Starlink, is now seeking more funding to build its full constellation of 10,000 to 14,000 satellites.
Shanghai Spacecom Satellite Technology, or SpaceSail, a satellite communications company developing a massive constellation known as “Qianfan,” disclosed plans to bring in new investors through a capital increase, according to a notice published on the Shanghai United Assets and Equity Exchange.
At present, this Chinese pseudo-company has launched only 119 out of the constellation’s first phase of 648 satellites. While it has gotten Airbus to sign a contract to use its constellation on its airplanes, it also appears to be somewhat cash poor, having only about $150 million on hand (much of it government funding), and is not going to meet its international licensing requirement to get those 648 satellites in orbit by the end of this year.
This new funding round announcement suggests it is in need of capital, and is having trouble getting the Chinese government to cough up the additional funds.











